Inflation targetingIn macroeconomics, inflation targeting is a monetary policy where a central bank follows an explicit target for the inflation rate for the medium-term and announces this inflation target to the public. The assumption is that the best that monetary policy can do to support long-term growth of the economy is to maintain price stability, and price stability is achieved by controlling inflation. The central bank uses interest rates as its main short-term monetary instrument.
Planck unitsIn particle physics and physical cosmology, Planck units are a set of units of measurement defined exclusively in terms of four universal physical constants, in such a manner that these physical constants take on the numerical value of 1 when expressed in terms of these units. Originally proposed in 1899 by German physicist Max Planck, these units are a system of natural units because their definition is based on properties of nature, more specifically the properties of free space, rather than a choice of prototype object.
Monetary inflationMonetary inflation is a sustained increase in the money supply of a country (or currency area). Depending on many factors, especially public expectations, the fundamental state and development of the economy, and the transmission mechanism, it is likely to result in price inflation, which is usually just called "inflation", which is a rise in the general level of prices of goods and services.Michael F. Bryan, On the Origin and Evolution of the Word "Inflation", clevelandfed.
Chronic inflationChronic inflation is an economic phenomenon occurring when a country experiences high inflation for a prolonged period (several years or decades) due to continual increases in the money supply among other things. In countries with chronic inflation, inflation expectations become 'built-in', and it becomes extremely difficult to reduce the inflation rate because the process of reducing inflation by, for example, slowing down the growth rate of the money supply, will often lead to high unemployment until inflationary expectations have adjusted to the new situation.
Planckian locusIn physics and color science, the Planckian locus or black body locus is the path or locus that the color of an incandescent black body would take in a particular chromaticity space as the blackbody temperature changes. It goes from deep red at low temperatures through orange, yellowish white, white, and finally bluish white at very high temperatures. A color space is a three-dimensional space; that is, a color is specified by a set of three numbers (the CIE coordinates X, Y, and Z, for example, or other values such as hue, colorfulness, and luminance) which specify the color and brightness of a particular homogeneous visual stimulus.
Wien approximationWien's approximation (also sometimes called Wien's law or the Wien distribution law) is a law of physics used to describe the spectrum of thermal radiation (frequently called the blackbody function). This law was first derived by Wilhelm Wien in 1896. The equation does accurately describe the short wavelength (high frequency) spectrum of thermal emission from objects, but it fails to accurately fit the experimental data for long wavelengths (low frequency) emission.
